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- Insurance News Digest 3-6-2025
Insurance News Digest 3-6-2025
Emerging risks in less common sectors are shaping the future of coverage. From Crypto Shield's pioneering approach to insuring retail crypto to Verisk highlighting emerging psychoactive substance risks, there is always something new to be interested in. Meanwhile, further specialty cyber insurance is growing, and the United of Omaha case is a good reminder of why that is.
We deliver the latest insights and developments shaping insurance, focused on insights and opportunities for those who serve the insurance industry. Stay informed on how emerging trends like current events, regulatory changes, AI, and innovative products can help you better serve your clients and partners and drive business growth.
Top 10 Articles Of The Week
Liberty Mutual Insurance plans to discontinue the Safeco brand in 2026, consolidating all personal lines products under the Liberty Mutual name. This strategic move aims to streamline operations and enhance brand consistency across distribution channels.
A Maryland resident pleaded guilty to defrauding USAA Insurance of over $58,000 through fabricated water damage claims. She received a five-year sentence, with all but 45 days suspended, and must repay the defrauded amount.
Increasingly severe weather events, such as wildfires and hurricanes, are elevating secondary perils like flooding and hailstorms. The insurance industry is adopting advanced technologies and reassessing risk models to proactively address these challenges.
A recent survey indicates a 9% drop in consumer approval of artificial intelligence use in property/casualty insurance. Additionally, 44% of respondents are less likely to purchase policies from insurers utilizing AI, highlighting growing concerns about transparency.
The integration of AI in workers' compensation claims management offers efficiency but raises questions about fairness and empathy. Insurers are exploring hybrid approaches that leverage AI for data processing while maintaining human oversight for complex cases.
A report by Lloyd's highlights that severe space weather events, such as solar storms, could potentially lead to global economic losses amounting to $24 trillion. The insurance industry is urged to consider these risks in their models to better prepare for such rare but impactful events.
A recent study reveals that Instagram and TikTok are inundated with misleading medical information, particularly concerning trendy medical tests like full-body MRIs. This misinformation poses significant risks to public health, emphasizing the need for better content regulation on these platforms.
Kin Insurance has relaunched its home insurance offerings across California after a previous withdrawal from the state. Policies are now available statewide, aiming to provide residents with more options in the homeowners' insurance market.
The catastrophe bond market has reached a new high, with outstanding bonds now exceeding $50 billion. This growth reflects increased investor interest and the rising importance of alternative risk transfer mechanisms in the insurance industry.
Ending an era for insurance marketers Microsoft announced plans to retire Skype in May 2025 to concentrate on its modern communications platform, Microsoft Teams. Users are encouraged to transition to Teams, but it remains to be seen if a new industry standard will emerge.
Focus Of The Week: Emerging risks in less common sectors are shaping the future of coverage. From Crypto Shield's pioneering approach to insuring retail crypto to Verisk highlighting emerging psychoactive substance risks, there is always something new to be interested in. Meanwhile, further specialty cyber insurance is growing, and the United of Omaha case is a good reminder of why that is.
Breach Insurance introduces Crypto Shield, the first regulated insurance product designed to protect retail cryptocurrency investors from theft while their assets are held by qualified exchanges. This initiative addresses the growing need for security in the crypto space, considering the history of exchange hacks resulting in significant losses.
Recent data indicates that third-party risks, including ransomware and vendor-related outages, accounted for 31% of all cyber insurance claims in 2024. This trend underscores the importance for businesses to assess and manage the security protocols of their partners and vendors to mitigate potential losses.
A recent Verisk Analytics webinar discussed the evolving landscape of psychoactive substances, including cannabis and novel synthetic drugs. The session emphasized the need for insurance professionals to stay informed about these emerging risks and the potential implications for underwriting and claims.
United of Omaha Life Insurance Company has reached a settlement in a class action lawsuit stemming from a data breach that occurred between April 21 and April 23, 2024. Affected individuals may receive reimbursement for out-of-pocket expenses, compensation for lost time, or alternative cash payments, along with two years of credit monitoring and identity theft insurance.
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